USD 2.84 billion
Report ID:
SQMIG35A2777 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
170 |
Figures:
75
Global Neurovascular Devices Market size was valued at USD 2.84 billion in 2022 and is poised to grow from USD 3.01 billion in 2023 to USD 4.53 billion by 2031, growing at a CAGR of 4.80% in the forecast period (2024-2031).
The neurovascular devices market is poised for considerable growth, propelled by several key factors including the escalating incidence of neurological disorders, continual technological advancements, and an amplified need for minimally invasive procedures. This surge is further fueled by the expansive and swiftly expanding patient populace affected by targeted ailments across major markets, driving a substantial surge in the consumption of neurovascular devices. Specifically, the heightened prevalence of acute ischemic stroke stands as a pivotal catalyst for driving market expansion over the forecast period.
Moreover, the introduction of cutting-edge products marked by technological sophistication, coupled with expedited product approval processes, is anticipated to serve as major drivers in steering the growth trajectory of this market segment.
Global Market Size
USD 2.84 billion
Largest Segment
Ambulatory Surgical Centers
Growth Rate
4.80% CAGR
To get more reports on the above market click here to Buy The Report
The global Neurovascular Devices market is segmented into six segments i.e. by Product, Process, Therapeutic Applications, End-Use, Disease Pathology and Region. Based on Process, the market is segmented as, Neurothrombectomy Procedure, Cerebral Angiography Technique, Carotid Endarterectomy (CEA), Stenting, Microsurgical Clipping, Coiling, Flow Diversion, and Others. Based on Therapeutic Applications, the market is segmented as, Brain Aneurysm, Stenosis, Ischemic Strokes, and Others. Based on End-Use the market is segmented as, Hospitals, Ambulatory Surgical Centers, Clinics, Others. Based on Product the market is segmented as, Embolization Devices, Clippings, Embolic Coils, Bare Detachable Coils, Coated Detachable Coils, Coil Assist Stent, Coil Assist Balloon, Revascularization Devices, Carotid Artery Stents, Flow Diversion Stents, Thrombectomy Devices, Clot Retrieval Devices, Suction & Aspiration Devices, Snares, Embolic Protection Devices, Distal Filter Devices, Balloon Occlusion Devices, Accessory Devices, Microcatheters, and Micro-guidewires. Based on Disease Pathology the market is segmented as, Aneurysm, Arteriovenous Malformation and Fistulas (AVM), Ischemic Stroke, Stenosis, and Others. Based on Region the market is segmented as, North America, Europe, Asia-Pacific, LAMEA, and the Middle East and Africa.
Analysis by End-Use
The hospital segment emerged as the dominant player in the market, boasting a substantial market share of approximately 70.95% in 2022. This remarkable growth within the hospital segment is primarily attributed to the escalating number of patients grappling with neurovascular disorders, including ischemic and hemorrhagic strokes, brain aneurysms, Traumatic Brain Injury (TBI), and Arteriovenous Malformation (AVM).
The ambulatory surgical centers segment encapsulates various healthcare facilities such as emergency care centers, and long-term care centers. The projected growth of this segment is intrinsically linked to the expanding number of ASCs and the evolution of contemporary healthcare facilities. Notably, the surge in ASCs serves as a key driver for this segment's growth. For instance, data from ASC Becker indicates that the United States houses nearly 5,700 Medicare-certified ASCs, reflecting a significant upsurge in these facilities.
Analysis by Therapeutic Applications
The brain aneurysm segment is projected to exhibit the highest CAGR over the forecast period, primarily attributed to the escalating prevalence of this condition. Notably, the Brain Aneurysm Foundation reports a staggering 6.5 million individuals in the United States with unruptured brain aneurysms, and approximately 30,000 experiencing ruptures annually. This alarming prevalence underscores the critical need for advanced treatments and interventions within this segment.
Ischemic stroke emerged as the dominant segment, commanding a significant market share of approximately 57.10% in 2022, owing to various factors, notably the rising incidence of hypertension, stroke, and other neurological disorders. Highlighting the severity of this health concern, the Centers for Disease Control and Prevention (CDC) reports that globally, one in six individuals will experience a stroke during their lifetime. In the United States alone, over 795,000 people suffer from a stroke each year.
To get detailed analysis on other segments, Request For Free Sample Report
North America asserted its dominance in the neurovascular devices market, commanding a substantial share of 26.44% in 2022, primarily attributed to the strong presence of key manufacturers within the region. Renowned industry players like Penumbra, Inc., Stryker Corporation, Johnson & Johnson, and Merit Medical Systems, Inc., among others, contribute significantly to this market stronghold through their operations in North America.
Asia Pacific is anticipated to undergo the most significant expansion with the highest CAGR during the forecast period, primarily propelled by several key factors. The region faces an escalating burden of target diseases, notably neurological disorders, exemplified by India's staggering statistics where an estimated 30 million individuals contend with various neurological conditions.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Drivers
Rising Popularity of Minimally Invasive Surgeries to Augment Market Growth
Restraints
Stringent Approval Processes is Likely to Hinder Market Growth
Request Free Customization of this report to help us to meet your business objectives.
The competitive environment of the global Neurovascular Devices Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Leading brands invest in research and development to introduce new flavors, packaging formats, and health-focused variations to cater to changing consumer preferences. They often set the trends in the industry.
Top Player’s Company Profiles
Recent Developments
On July 2023, RapidAI, a worldwide leader in creating Artificial Intelligence and innovation work process answers for battle perilous neurovascular, heart, and vascular illnesses, today declared $75 million in Series C subsidizing driven by Vista Credit Accomplices, an auxiliary of Vista Value Accomplices and key supporting accomplice zeroed in on the undertaking programming, information, and innovation markets. The subsidizing plans to drive stage development to help more sickness states and go-to-showcase capabilities to speed up development in new districts and item verticals.
In July 2023, Sensome SAS revealed a partnership with Asahi Intecc Co. Ltd. to foster the cutting-edge Clotild savvy guidewire. Asahi Intecc is taking on the assembling job for Sensome's savvy guidewire intended for the treatment of intense ischemic stroke.
On December 2023, BCV announced that it had secured €6 million in a Series A series of funding driven by Forepont Capital Partners, with different financial backers including NTI, MEDCO, and existing French financial backers. This Series A funding brings the aggregate sum raised since the company’s initiation to €13 million.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
The global Neurovascular Devices market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The anticipated surge in the neurovascular devices market is closely linked to the escalating incidence rates of various neurological disorders across multiple countries. Conditions such as brain or cerebral aneurysms, strokes, and epilepsy, among others, are expected to be key drivers propelling market growth. As per NHS England reports, approximately 1 in 12,500 individuals in England experience a ruptured brain aneurysm annually. Additionally, the prevalence of brain aneurysms affects an estimated 3.0% of the population in the United Kingdom. Furthermore, according to the Brain Aneurysm Foundation, a staggering 6.0 million Americans grapple with the impact of brain aneurysms on an annual basis.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 2.84 billion |
Market size value in 2031 | USD 4.53 billion |
Growth Rate | 4.80% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Neurovascular Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Neurovascular Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Neurovascular Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Neurovascular Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG35A2777